2023 Session

Budget Amendments - SB800 (Member Request)

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Chief Patron: Surovell
Establish Virginia College Opportunity Foundation (SB 1461)

Item 497 #1s

Item 497 #1s

First Year - FY2023 Second Year - FY2024
Independent Agencies
Virginia College Savings Plan FY2023 $0 FY2024 $500,000 GF
FY2023 $0 FY2024 $250,000,000 NGF
FY2023 0.00 FY2024 3.00 FTE

Page 597, line 33, strike "$44,270,249" and insert "$294,770,249".

"D. It is the intent of the General Assembly to establish the Virginia College Opportunity Endowment and Fund, a fund adjacent to the Virginia College Savings Plan. Payments from this fund shall be issued pursuant to § 23.1-714 through § 23.1-717."


(This funding supports the establishment of the Virginia College Opportunity Foundation as outlined in Senate Bill 1461. Funding would require the board of the Virginia College Savings Plan to authorize the deposit of $250,000,000 in the Virginia College Opportunity Fund. Out of the general fund in the second year, $500,000 shall be available to hire staff to facilitate foundation meetings, establish accounts, and manage the grant program until sufficient earnings accrue out of the Fund to provide for salaries and fringe benefits. This is pursuant to passage of Senate Bill 1461.)